The benchmarks extended their early morning gains after a two-day losing streak following widespread buying in key sectors, with gains from global peers also boosting sentiment.
BSE Sensex gained up to 750 points to recover to the 50,000 level, while Nifty topped the 15,100 points where banking and finance are among the top winners.
Sensex BSE is currently 50,282, up 717 points or 1.45% and Nifty50 is currently 15,106, up 200.20 points or 1.34%.
Twins HDFC, ICICI Bank, Reliance and Infosys are among the main contributors to the index gain in midday trading. IndusInd Bank jumped 3.3%, followed by HDFC Bank climbed 2.95%, ICICI Bank and HDFC are up more than 2% on BSE Sensex.
Among sector fronts, Nifty Banking and Financial Services jumped more than 2% to generate all-positive trade on Friday, while real estate, media and metals stocks remain bullish.
Of 50 stocks traded on the NSE, 46 rose and 4 fell.
The State Bank of India, Hindalco Industries, JSW Steel, Shree Cement, Godrej Industries and South Indian Bank are expected to release their quarterly results today.
On the commodity front, gold prices in India traded lower on the Multi Commodity Exchange (MCX) following a moderate trend in international spot prices. Gold futures for June delivery fell 0.27% to Rs48,414 per 10 grams and silver futures traded 0.58% lower at Rs71,882 per kg on the MCX.